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Level 2
posted Mar 18, 2022 6:55:02 AM

Form 1116 and allocable share

TurboTax Premier desktop version is making it a requirement to include the adjusted basis for foreign and total assets when there are no interest expenses to allocate across the two different categories.  What is the purpose of this when there is no allocation.  I don't want to go and try and figure out basis of mutual funds that might generate foreign income when there is no functional purpose for impacting taxes.  Foreign tax withholdings and claimed for the credit is over $600 in my case.  Please review and remove this logic from the required entries.

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1 Replies
Level 9
Mar 24, 2022 6:16:44 AM

In form 1116 worksheet, line 4b(1)a, is there an entry?